Head of Fidelity’s RIA Business to Depart

Bob Oros is set to leave the clearing and custody post he's had for the past five years at the end of January.

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Bob Oros has been in the post for five years.

Bob Oros, who leads the RIA business of Fidelity Clearing & Custody Solutions, is set to depart by Jan. 31. He has been in the post for the past five years and plans to pursue “another opportunity,” according to a company spokesperson.

Prior to Fidelity, Oros was with the Trust Company of America, LPL Financial and Charles Schwab. At Fidelity, he had about 130 employees that directly reported to him.

“We are grateful for his many contributions and are glad to have the chance to thank him for his service next week” at a large meeting, said Erica Birke of Fidelity’s communications team. “Bob told us he had [another] opportunity and is departing on the best of terms.”

The business has about 3,000 RIA, broker-dealer and other clients and about $1.7 trillion of client assets under advisement.

Oros began work in his current post in February 2015, when Fidelity Institutional Wealth Services and National Financial merged to form Fidelity Clearing & Custody Solutions. For the three years before that, he was head of sales and relationship management for Fidelity Institutional Wealth Services.

As for a timeframe for Oros’ replacement, Fidelity is starting an active search, according to Birke. “We are very fortunate to have strong leadership throughout the organization to make sure that clients’ needs are met during such transitions,” she said.

Fidelity Clearing & Custody Solutions is led by Sanjiv Mirchandani. In October, the group rolled out WealthscapeDigital Advice Solutions, which includes the Fidelity Automated Managed Platform (AMP), a digital advice program co-developed with eMoney Advisor.

‘Mock RIA’

In the fall of 2015), the clearing and custody unit — in cooperation with the industry consultant Philip Palaveev’s Ensemble Practice — started a “mock RIA” training program that aims to support the careers of young advisors and other financial professionals.

“Bob wanted to make sure that all of those working in his group understood what it was like to work in an RIA firm,” said Birke. “The program proved to be so popular internally that we thought we should let clients take advantage of it too.”

Oros plans to address his colleagues at the annual sales and relationship management meeting of Fidelity Clearing & Custody Solutions, which takes place next week near Dallas.

With expectations growing for a Super Bowl between the New England Patriots, which many Boston-based Fidelity employees support, and the Dallas Cowboys, there could be some sports-related tension in the air.

“We have lots of Patriots fans going to the meeting,” Birke said. “But since Bob is from Michigan, I’m pretty sure he is a Detroit Lions fan.”

Janet Levaux

Janet Levaux, MA/MBA, is Editor in Chief of Investment Advisor magazine; she has covered the financial markets since 1991 and advisors since 2005. After living in Latin America and Europe as part of her studies at Yale and Johns Hopkins SAIS, Janet worked in Japan and then California, where she earned a business degree, before returning to her hometown of San Antonio, Texas (which turned 300 in 2018).

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